The US media and entertainment industry is the largest in the world, worth $660 billion in 2020, according to a Commerce Department report.
Globally, this industry had an estimated market value of 2 trillion dollars in that same year, the latest data available.
The data corresponding to the United States had a decrease of approximately 53,000 million dollars, or 7.3% less compared to 2019, due to the pandemic.
The uptick in streaming services and subscriptions for digital media in 2020 has been a boon to the MVoD, Gaming, and Music sectors, while the live performance, touring, and concert economy was forced to pivot or shut down.
The media and entertainment industry is comprised of companies that produce, distribute, and offer ancillary digital services and products for: movies, television shows, and commercials, along with broadcast content, music, video and audio recordings, broadcast, radio, publishing of books and text, eSports and the videogames sectors.
Media and entertainment
In 2018, the total of the major copyright industries added $2.2 trillion to the US economy and employed more than 11.6 million workers.
These industries grew on average 5.23% per year, while the US economy as a whole averaged 2.21% per year.
According to Deloitte & Touche LLP’s Outlook 2021 publication, for the US telecommunications, media and entertainment industry in 2020, US telecommunications networks were key to driving changes in the way people live, work and learn in the midst of the Covid-19 pandemic and helped mitigate the negative effects of the pandemic by keeping people and communities connected.
The publication predicts that telecommunications providers will serve as a foundation for businesses’ ability to recover and prosper by continuing to enable new modes of communication.
In addition, MasTec said that telcos are expected to play an even bigger role in shaping the future as next-generation 5G wireless technology gains traction with businesses and consumers.
5G, the next generation of wireless and fixed wireless network capacity, is also projected to provide a platform for IoT, which can be leveraged to drive innovation and improvements in commerce, transportation, supply chain, research, medical care, education, public safety, the development of Smart Cities, Smart Homes and Smart Farming, among many other applications.
5G is expected to give businesses significant real-time visibility, insight and control over assets, products and services, with the potential to transform the way businesses operate and deliver new products and services.
